JPMorgan Chase & Co. Has Lowered Expectations for Ovintiv (NYSE:OVV) Stock Price

Key Points

• JPMorgan Chase & Co. has reduced its price target for Ovintiv's stock from $50.00 to $47.00, while maintaining an "overweight" rating, indicating potential upside for investors.
• Other brokerages have issued mixed ratings, with Zacks Research downgrading the stock to "strong sell," while others like TD Cowen upgraded it to "strong-buy." Overall, the consensus rating remains a "Moderate Buy" with a target of $52.73.
• During the latest quarter, Ovintiv reported revenues of $1.79 billion, missing analysts' estimates, and the stock has recently seen a decline of 2.4% from its previous closing price.

Ovintiv (NYSE:OVV - Get Free Report) had its price target decreased by research analysts at JPMorgan Chase & Co. from $50.00 to $47.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 18.76% from the company's previous close.

Several other brokerages have also recently issued reports on OVV. Zacks Research cut Ovintiv from a "hold" rating to a "strong sell" rating in a report on Friday, September 26th. Mizuho dropped their target price on Ovintiv from $58.00 to $50.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Royal Bank Of Canada restated a "sector perform" rating and issued a $55.00 target price on shares of Ovintiv in a report on Friday, September 26th. Wells Fargo & Company lowered their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. Finally, TD Cowen upgraded Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $52.73.

Ovintiv Trading Down 2.4%

Shares of OVV stock opened at $39.57 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market cap of $10.17 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 5.24 and a beta of 0.97. The stock has a 50 day simple moving average of $41.01 and a 200-day simple moving average of $38.98. Ovintiv has a 1-year low of $29.80 and a 1-year high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. On average, equities research analysts expect that Ovintiv will post 5.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Ovintiv

Several hedge funds have recently bought and sold shares of OVV. Charles Schwab Investment Management Inc. boosted its holdings in shares of Ovintiv by 383.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock valued at $396,267,000 after buying an additional 7,344,796 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Ovintiv by 69.7% in the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock valued at $238,513,000 after purchasing an additional 2,288,989 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in shares of Ovintiv by 143.8% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company's stock valued at $142,278,000 after purchasing an additional 2,205,233 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new position in Ovintiv during the 1st quarter worth approximately $56,865,000. Finally, Qube Research & Technologies Ltd acquired a new position in Ovintiv during the second quarter worth approximately $41,701,000. Institutional investors and hedge funds own 83.81% of the company's stock.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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